There are a lot of artisan who priced their handmade jewelry significantly low and for a variety of reasons. Maybe they are not entirely valuing their skills and they only feel a bit lucky when they managed to sell their piece of work. There are also artisans who believe that boho chic jewelry is not worthy in putting a high price. Remember that when you price your sterling silver jewelry low, it means that you will have to work harder in order to gain at least $50.
Why You Need to Put the Right Price on Your Handmade Jewelry
It Devalues the Industry
When you are putting a low price on your artisan made jewelry, you need to understand that you are affecting the whole industry of the handmade jewelry. Having a low price just to compete with the imported jewelry will hurt the sales of other artist. You need to be realistic when pricing your jewelry.
Targeting the Wrong Market
Giving your sterling silver jewelry with an under-price may mean that you are trying to attract the consumers looking for bargain jewelry rather than those who are really interested with the jewelry. When the time comes that you want to raise the price of your jewelry, it would be impossible for you not to lose a huge chunk of your customers.
Devaluing Your Talent
If you put a low tag price on your handmade jewelry, you are also sending message to the community that you lack the proper skills and talent to create a high-end artisan made jewelry. You are also exposing yourself in getting your design plagiarized. There are some artisans who tend to purchase the low priced jewelry, alter it and sell it in the market for a much higher price.
It may be thrilling to see the amount of purchase when you are selling your handmade jewelry for a lower price. But you also need to know that you will need to work harder in order to create a profit that is usually made when selling only one piece of jewelry.
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